I don’t follow it enough to know what is happening but yikes, those are some massive dips!
I was considering getting into NFTs (I like to make digital art so why not?) but if crypto is failing, this is sure to follow - right? Then again I don’t know enough about either to understand what is happening to the market.
Does anyone here know what is happening?
I think this is mainly down to the fact that a lot of people are facing financial troubles and are pulling out on investments. The economy in the US as well as other countries have been in a bad place since 2020 and things have only been made worse since a certain old sleepy man took control… smh
Also, the fed interest rates hiked which soured a lot of people on their investments.
A lot of people bought into it as a trend. Now those people are pulling out. All that will be left are the true backers and investors again, like pre-2020. I know someone who has 5 bitcoins. Even at their highest, he didn’t sell them. He only paid $50 a piece when he got them and he said he is in it for the long haul. He believes they will hit 100k in 2023.
The bulk of growth you have seen since 2020 was down to people betting, not investing. A lot of people heard of stories where people got rich overnight and wanted to try it themselves.
I project all crypto to continue on a downward trend until the balances out with Bitcoin being around 12k per coin.
Everything is tanking. Stocks, crypto, NFTs, etc.
I think this has more to do with the fact that inflation is getting worse and the economy in several countries is on a downward trend as a whole.
Most people I know who invest (friends, family, and co-workers) have said this is the main reason they pulled out. They feel like the government is going to get too involved and that defeats the purpose of it.
No way it drops this low. Crypto is already balancing itself out. I think it will take a lot longer to get above 40k for Bitcoin this time but it will not drop below 20k at this point.